Official financial statements and earnings reports from Cleveland-Cliffs

Cleveland-Cliffs to Acquire Stelco in $2.5 Billion Deal; Stock Down 6%

Jul 15, 2024, 10:18 AM

Cleveland-Cliffs has announced the acquisition of Canadian steelmaker Stelco Holdings. The deal is valued at approximately $2.5 billion and includes a combination of cash and shares. Stelco shareholders will receive CAD $70 per share, consisting of CAD $60 in cash and 0.454 Cliffs shares per Stelco share. The acquisition is expected to boost North American steel production, with anticipated cost savings and earnings growth. The total enterprise value of the deal is CAD $3.4 billion. Following the announcement, Cleveland-Cliffs' stock fell by 6%.